UBS (UBS) is set to pay “at least hundreds of millions of dollars” to settle violations by Credit Suisse of an earlier agreement with the Justice Department over American clients who evaded paying taxes,

(Reuters) - UBS is set to pay a minimum of hundreds of millions of dollars to settle Credit Suisse's violations of an earlier agreement with the U.S. Department of Justice over customers in the U.S. who evaded tax, the Wall Street Journal reported on Thursday.

The potential payout relates to an earlier deal over tax evasion by U.S. clients of Credit Suisse, the rival Swiss bank that UBS acquired in 2023.

UBS Group (NYSE:UBS) is close to paying hundreds of millions of dollars for alleged violations by Credit Suisse of an earlier agreement with the U.S. Justice Department regarding U.S. clients who evaded tax,